Wednesday , May 31 2023

Dollar plunges on black market

The U.S. dollar plunged against the Vietnamese dong on the black market Thursday morning.

Unofficial exchange points sold the greenback at VND23,570, down 0.46% from Wednesday.

Most banks, however, kept the dollar unchanged. Vietcombank maintained the dollar at VND23,690.

Eximbank sold the greenback at VND23,740, and Techcombank VND23,690.

The State Bank of Vietnam lowered its reference rate by 0.01% to VND23,615.

The dollar has gained over the dong by 0.17% since the beginning of the year.

Globally the dollar was under pressure near seven-week lows on Thursday as U.S. bond yields fell sharply after the Federal Reserve sounded close to calling time on interest rate hikes, Reuters reported.

The Fed raised its benchmark funds rate by 25 basis points, as expected, but dropped language about “ongoing increases” being needed in favour of “some additional” rises, as it waits and watches how wobbling confidence in banks affects the economy.

Futures imply only an even chance of one more hike. That’s a contrast to Europe where markets see another 50 bp or so to go, and the gap sent the euro surging.

The dollar pared some of its losses when U.S. Treasury Secretary Janet Yellen set off another round of bank stock selling and jitters over stability by telling Congress she hasn’t considered or discussed blanket insurance for deposits.

The euro strengthened as much as 1.3% to its highest since early February at $1.0912, though by the Asian morning it had dropped back to bought $1.0872.

Sterling also shot to a seven-week high as British inflation unexpectedly rose, leaving it at an eye-watering 10.4% and heaping pressure on the Bank of England to raise rates and sound hawkish at its meeting later in the day.

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